Pep Boys Considers Icahn Buyout
A recent proposal for the purchase of The Pep Boys – Manny, Moe & Jack, may lead to a bidding war for the company. Pep Boy’s board of directors announced that a proposal from Icahn Enterprises to acquire Pep Boys for $15.50 a share, could be defined as a “Superior Proposal” as defined in the
Early Termination of Waiting Period for Bridgestone’s Tender Offer for Pep Boys
The waiting period required under the Hart-Scott-Rodino Antitrust Improvement Act (HSR Act) has been terminated with respect to the cash tender offer to purchase all of the outstanding shares of Pep Boys, Bridgestone Americas said. The tiremaker added that the tender offer condition under the HSR Act has been satisfied. Bridgestone previously commenced a cash
Bridgestone Commences Tender Offer on Pep Boys
Bridgestone Americas’ wholly owned subsidiary TAJ Acquisition Co., the purchaser for the tiremaker, is commencing a cash tender offer to purchase all outstanding shares of The Pep Boys. Bridgestone announced on Oct. 26 that it has entered into a definitive merger agreement to acquire Pep Boys for nearly $835 million. Upon successful closing of the
Bridgestone Buying Pep Boys
Bridgestone Americas’ Bridgestone Retail Operations has entered into an agreement to acquire Pep Boys in an all-cash transaction for roughly $835 million. The acquisition of Pep Boys accelerates Bridgestone Corp.’s global growth. The purchase will add approximately 800 locations to Bridgestone Retail Operations’ nationwide network. Currently, BSRO operates approximately 2,200 tire and automotive service centers
Plombco Preferred Pep Boys Vendor
Pep Boys has selected Plombco as its preferred wheel weight vendor for its locations. Pep Boys operates in more than 800 locations across 35 states and Puerto Rico.
Pep Boys Explores Possible Sale, Merger
The board of directors for Pep Boys has started a “review of strategic alternatives to enhance shareholder value, including a possible sale, merger or other form of business combination or strategic transaction.” Rothschild Inc. and Morgan Lewis & Bockius LLP will be assisting the board with its review. The financial advisor and legal council have
Pep Boys Names CEO
Pep Boys hired Scott Sider as its new CEO, effective June 15. Sider also was appointed to the company’s board of directors. Sider most recently served as Hertz Corp.’s group president for Rent A Car Americas. Sider joined Hertz in 1983 and, over the course of his tenure, assumed many leadership positions of increasing responsibility
Pep Boys Reports Losses
Pep Boys posted a net loss of $27.3 million for its fiscal year 2014, which ended Jan. 31. That compares to a $6.9 million net earnings for the 2013 fiscal year. The results for 2014 included a $23.9 million goodwill impairment charge, a $7.5 million assets impairment charge, as well as 4.0 million in litigation
TBC Taps Pep Boys Exec As VP of Asset Protection
TBC Corp. named Bryan Hoppe vice president of asset protection. According to TBC, Hoppe is a seasoned professional with a background in operations and risk management as well as asset protection. He most recently held positions at Pep Boys, where he held positions of continuing responsibility, serving as both vice president of store operations and
Odell’s Sudden Departure Leaves Pep Boys Future Cloudy
Late on Sept. 26 it was learned that Pep Boys president and CEO Mike Odell had “resigned,” effective immediately. Short-term, Odell is replaced by interim CEO John Sweetwood while the company searches for its four CEO over the last eight years. The company said it will look at both internal and external candidates for a
